Blood Gas and Electrolyte Analyzers Market to exceed $5.7 Bn by 2026
Published Date: March 30, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Blood Gas and Electrolyte Analyzers Market revenue will surpass USD 5.7 bn by 2026; according to a new research report by Global Market Insights, Inc.
Increasing burden of chronic and infectious diseases worldwide leading to a surge in demand for surgical and non-surgical treatments will drive the blood gas and electrolyte analyzers market growth over the forecast period. According to the International Diabetes Federation (IDF), diabetes affected around 463 million individuals in 2019. The number is expected to reach around 700 million by 2045. Rising elderly population prone to several diseases due to various functional and structural changes will thus, spur the blood gas and electrolyte analyzers. Moreover, technological advancements in analyzers will further boost the market size.
Surge in number of lifestyle diseases including cancer and CVD to foster the market growth
Adoption of unhealthy diet coupled with lifestyle changes including alcohol consumption and smoking is primarily responsible for increasing prevalence of chronic diseases. According to the WHO report, in 2018, cancer was the leading cause of death globally, accounting for around 9.6 million deaths. Thus, growing number of patients in emergency units receiving critical care will lead to market expansion. Furthermore, increasing focus of industry players on providing innovative blood gas and electrolyte analyzers as well as consumables will augment the market growth during projected timeframe. However, high cost of technologically advanced analyzers along with stringent regulatory landscape may hamper market growth during the forthcoming years.
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Inclination towards advanced portable analyzers to drive the market growth
Portable blood gas and electrolyte analyzers market share is estimated to show more than 7% CAGR during 2020 to 2026. The segmental growth is attributed to focus of industry players on introduction of advanced products. For instance, ABL80 FLEX, a developed by Radiometer, is a small, user-friendly and portable blood gas analyzer, for use in low and mid-volume settings. Additionally, portable non-invasive bedside monitoring devices including end-tidal CO2 (EtCO2) and pulse oximetry can aid effective blood gas analysis. Availability of such devices will upsurge the product demand, thereby fostering segmental growth during the upcoming years.
Browse key industry insights spread across 120 pages with 156 market data tables & 12 figures & charts from the report, “Blood Gas and Electrolyte Analyzers Market Size By Modality (Bench Top, Portable), By Product (Blood Gas Analyzers, Electrolyte Analyzers, Combined Analyzers, Consumables), By End-use (Central Laboratories, Point-of-Care, Diagnostic Centers), Industry Analysis report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing demand for electrolyte analysis in renal and cardiovascular diseases will escalate the demand for electrolyte analyzers
Electrolyte analyzers market accounted for around 23% revenue share in 2019. Increasing prevalence of cardiovascular and renal diseases in developed as well as developing countries will drive the demand for electrolyte analyzers for measuring body electrolyte levels. Serum electrolytes play a vital role in disease prognosis. Rising adoption of these analyzers in laboratories, point-of-care settings as well as hospital facilities for early disease detection will further drive the blood gas and electrolyte analyzers market growth.
Controlled and standardized pre- and post-analytical errors in central laboratories to pave way for market expansion
The central laboratories segment is valued around USD 1.2 billion in 2019. Growing disease burden resulting in high penetration of integrated systems in laboratories will serve to be a major driver in the segmental growth. As per the WHO, the number of people suffering from cardiovascular disorders is estimated to exceed 23.6 million by 2030. Furthermore, central laboratories are equipped with wide range of blood gas and electrolyte analyzers that help in measurement of Na+, K+, and Cl- electrolytes as well as blood glucose and bicarbonates, thus augmenting the market expansion.
Age-related multimorbidity in Europe will offer opportunities for regional market growth
Europe blood gas and electrolyte analyzers market is anticipated to surpass USD 1.5 billion by 2026. Regional market growth is attributed to increasing prevalence of chronic and other lifestyle diseases in the region. According to the Eurostat, in 2019, more than 1.8 million deaths occurred in the European Union due to cardiovascular diseases. Moreover, rapidly ageing population in the region prone to various chronic diseases will increase the product demand for monitoring blood gas and electrolyte levels. Rise in multimorbidity cases, attributed to ageing, smoking, obesity and hypertension will further trigger the Europe blood gas and electrolyte analyzers industry growth.
Market players focus on strategic initiatives to strengthen market position and enhance product portfolio
Notable players manufacturing blood gas and electrolyte analyzers market share include Abbott, Convergent Technologies, Dalko Diagnostics, Edan Instruments, Siemens and Roche among others. These competitors implement several inorganic and organic strategies to capitalize on market opportunities and sustain market competition. For instance, in May 2018, Abbott introduced Afinion 2 Analyzer in the U.S., a rapid test system for diabetes management. This rapid and compact multi-assay platform offers simplified delivery of accurate measurements of albumin to creatinine ratio (ACR) and hemoglobin A1c (HbA1c). The new product launch enabled the company to expand its existing product portfolio and garner more revenue.
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